Bitcoin’s Moment
Bitcoin’s climb past the $100,000 mark is a watershed moment in the evolution of crypto-currencies, symbolising their growing acceptance as a legitimate asset class.
Cryptocurrencies were under pressure on Wednesday, after bitcoin briefly slid back to $60,000. Late Tuesday, bitcoin fell as low as $60,175. While the Ether last traded lower by 2% at $2,447.19, after dropping 5% Tuesday.
Notably, the rising tensions in the Middle East dampened investors’ risk appetite as the new trading month and quarter began. Additionally, the reports suggest that the investors are monitoring a strike by members of the International Longshoremen’s Association on the East and Gulf Coasts that could affect the U.S. economy depending on how long it lasts. Over $250 million in futures positions have been liquidated across all cryptocurrencies, CoinGlass data shows.
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Further, the stocks related to virtual currencies also slipped in premarket trading with the Crypto exchange Coinbase and bitcoin proxy MicroStrategy lost about 1% each, after closing lower by 7.4% and 3.5%, respectively. Ethereum’s price also trading for $2,545 per coin, after diving by close to 3%.
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On Tuesday, Iran launched at least 180 missiles at Israel in response to the country’s aggression in Lebanon and Gaza. Sirens sounded across Israel and explosions rattled Jerusalem and the Jordan River valley.
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